City Developments' net profit up 32.1%
Posted: 14 November 2007 2242 hrs

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SINGAPORE - Real estate developer City Developments Ltd said on Wednesday that its net profit in the third quarter rose 32.1 percent from a year earlier on continued health in the city-state's property sector.

Net profit was S$169.49 million compared with S$128.31 million in the third quarter to September 30 last year, the company said.

Revenue rose 19.7 percent to S$796.15 million, it said.

"With continued growth of the economy, job creation, attraction of foreign talent, and new businesses, Singapore is transforming into a vibrant and dynamic place in Asia-Pacific. As a growth hub, it augurs well for the property market," the company said.

Singapore is experiencing a property and construction boom after years in the doldrums.

City Developments says it plans to launch "a few projects" in coming months and expects to deliver a "stellar" full-year performance. - AFP/ir